National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2020 fiscal year and for the nine months ended June 30, 2020.
FISCAL 2020 THIRD QUARTER SUMMARY
- GAAP earnings of $41.3 million, or $0.47 per share, which includes a $13.2 million after-tax impairment of oil and gas properties, compared to GAAP net income of $63.8 million, or $0.73 per share, in the prior year
- Adjusted operating results of $50.0 million, or $0.57 per share, compared to $61.8 million, or $0.71 per share, in the prior year (see non-GAAP reconciliation on page 2)
- Adjusted EBITDA of $171.9 million compared to $182.9 million in the prior year (non-GAAP reconciliation on page 24)
- Pipeline & Storage Adjusted EBITDA of $50.5 million, an increase of 35% from the prior year, driven primarily by the successful resolution of a National Fuel Gas Supply Corporation rate proceeding, and reduced O&M expense
- E&P segment net production of 56.0 Bcfe, an increase of 1.3 Bcfe from the prior year
- 7.3 Bcf of price-related natural gas curtailments due to sustained low Appalachian pricing
- Average natural gas prices, after the impact of hedging, of $1.92 per Mcf, down $0.44 per Mcf from the prior year
- Average oil prices, after the impact of hedging, of $50.70 per Bbl, down $12.22 per Bbl from the prior year
- Gathering Adjusted EBITDA of $27.8 million, largely unchanged from the prior year despite the impact of price-related curtailments